SEC Hits Auto Loan Co. With $110M Fraud Suit

Law360, New York (April 14, 2011, 5:42 PM EDT) -- The U.S. Securities and Exchange Commission filed suit in Massachusetts on Thursday accusing subprime auto loan provider Inofin Inc. and three executives of carrying out a $110 million fraud against investors.

The complaint, lodged in the U.S. District Court for the District of Massachusetts, claims that Inofin and its principal officers raised millions of dollars from the sale of unregistered notes and used the proceeds to open numerous used car dealerships and fund real estate projects.